AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.50% against the USD to close at 0.7486.
LME Copper prices rose 0.03% or $1.5/MT to $4590.5/MT. Aluminium prices rose 3.57% or $55.0/MT to $1596.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7477, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s consumer price index (CPI) rose less-than-expected by 2.0% YoY in May, mainly due to falling food prices. Markets were expecting the CPI to advance by 2.2%, following a 2.3% rise in the previous month. Further, the nation’s producer price index (PPI) declined by 2.8% YoY in May, falling for the 51st consecutive month. However, the decline was much smaller than the 3.2% drop projected by investors. The index had dropped by 3.4% in the previous month.
The pair is expected to find support at 0.7434, and a fall through could take it to the next support level of 0.7391. The pair is expected to find its first resistance at 0.7512, and a rise through could take it to the next resistance level of 0.7547.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
